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Friday, 17 February 2012

Average UK retirement age rises

The average age at which UK workers retire has risen by around a year since 2004, according to the latest official study.

Research carried out by the Office for National Statistics reveals that, over the last eight years, the UK average has risen from 63.8 years to 64.6 for men and from 61.2 years to 62.3 for women.

The data reveals that 12.5 per cent of female workers and 10.1 per cent of male staff did not leave the labour market until they were between the age of 70 and 75 in this period.

While in 1975, just 14 per cent of the UK population was aged 65 or over, this has risen to 17.2 per cent, while in 2051 it will be as high as 24 per cent.

Equally, while state pension age is being increased to 66 for both men and women in 2020, it will be lifted again to 67 between 2026 and 2028 and continue to rise.

However, pensions minister Steve Webb said we can no longer look to our grandparents' experience of retirement as a model for our own, as people are set to live a lot longer, will need to save more and will continue working beyond the traditional "retirement age".

"This is why we abolished the outdated laws that allowed employers to sack someone when they reached 65 and why getting people into workplace pensions will be so transformative," he added.

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